CUNA CEO Bill Cheney talks up credit unions on CNBC

Michael Bridges

08/26/2010 04:08 pm

CNBC's "Closing Bell" had CUNA CEO Bill Cheney as a guest Wednesday. Cheney was asked about credit union credit card practices. He said that the underwriting practices and cooperative structure of credit unions result in lower delinquency and chargeoff rates among membership.

"We do see consumers paying down debt, and there have certainly been chargeoffs on credit cards at credit unions," Cheney said. "It does make some sense" to pay down debt, but only if you have the money available to do so, Cheney said.

CNBC ran the segment after noting recent press reports that many are foregoing payments on their mortgages to pay off their credit card debt. Cheney recommended that those who are having trouble with their mortgage should first contact their lender.